The company discovered the share price during a two-day (April 7-8) auction through the book-building process and initial public offering (IPO). It started the auction at a minimum price (floor price) of Rs38 per share. Laws in place allowed increase of a maximum 40% in the floor price to Rs53.2 per share during the IPO. The book building was over-subscribed by five to eight times with the price closing at Rs53.2 per share. Arif Habib Limited was the lead manager and book runner of the IPO.

Source: The Express Tribune April 09, 2021 04:04 UTC